Financial advisor indicted for stealing more than $500,000 from 81-year-old client

A financial advisor is now facing felony charges for reportedly stealing more than $500,000 from an elderly Upper Arlington client.

Franklin County Prosecutor Ron O'Brien says Jon Bret Schmidhammer was indicted on two charges. O'Brien says between January of 2014 and July of 2016, Schmidhammer transferred money from the 81-year-old's investment accounts to her bank account, then would write checks off that account to pay his own bills.

"This was an entrusted financial advisor who abused his position for his own personal gain by stealing over a half million dollars from an unsuspecting 81-year-old woman," O'Brien said in a statement.

PNC bank employees suspected suspicious activity involving the victim's bank account and met with her along with Upper Arlington police.

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